Best way to pay off old debt?

For just about anything you want to get off your chest about credit cards.
2 posts
Posts: 2
Joined: Thu Jul 15, 2010 12:20 am
Location: Ohio

Best way to pay off old debt?

Postby bookmaster » Fri Jun 10, 2011 11:17 am

I have about $5,500 in Mastercard debt that I haven't been able to pay off for three years. I now have the money. Should I just go to my bank with the check and tell them to send it to MC?

User avatar
Mogul of Pineapples
Centurion Member
Centurion Member
Posts: 1271
Joined: Sun Jun 01, 2008 11:32 pm
Location: Smogland

Postby Mogul of Pineapples » Mon Jun 13, 2011 9:32 pm

Well MasterCard is the payment network and doesn't lend any money. What you will want to do is check with the issuing bank for that card and see if the debt has been written off and sold off to a 3rd party. I have heard Capital One has been known to hold onto bad accounts for many years but most issuers will have sold off the debt within 3 years so first find out whether the bank is still holding the debt and then report back here.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 0 guests